Wall Street Today: Nasdaq led U.S. stocks higher as interest rate-sensitive growth stocks rallied after CPI data.

The tech-heavy Nasdaq rose on Tuesday, boosted by interest rate-sensitive growth and gains in chip stocks. That’s because traders were holding on to bets that the Federal Reserve would cut interest rates in the coming months based on inflation data.

The Dow Jones Industrial Average rose 113.66 points (0.29%) to 38,883.32 at the opening.

The S&P 500 index closed at 5,134.30, up 16.36 points (0.32%), and the Nasdaq Composite Index closed at 16,116.98, up 97.71 points (0.61%).

More to come….